Verizon CEO Unruffled by iPhone - Barron's

Includes: AAPL, QCOM, T, VZ
by: SA Eli Hoffmann

Annotated article summary from this weekend's Barron's. Receive all our Barron's summaries by signing up here:

Verizon: Game Day Is Here by Mark Veverka

Summary: "What does Verizon Communication's CEO, Ivan Seidenberg, really think of the Apple (NASDAQ:AAPL) iPhone?" asks Plugged In editor Mark Veverka. At a news conference last week, Seidenberg had nothing but praise (perhaps his tone was a tad disingenuous) for the much-awaited gadget, although it will be serviced exclusively by competitor AT&T (NYSE:T): "I am actually hoping that the Apple iPhone will do reasonably well," he said, because its emphasis on music, video and internet could 'energize' the sector. Eventually, though, Seidenberg conceded he thinks "the burden is on them" to prove they can redefine the market before Verizon (NYSE:VZ) considers taking any drastic steps: "We think that we're the premier wireless carrier." Verizon's just-launched V Cast mobile video (based on Qualcomm's (NASDAQ:QCOM) MediaFlo) hits 40 cities in July and 120 by year-end. Its Chocolate multimedia phones (made by LG Electronics) are scheduled to get a 'refreshed design' next month. "In the meantime, the Verizon CEO seems to think it's time for AT&T and Apple to stop the pre-game chatter and prove what they can do on the field. Says Seidenberg: 'You've got to buy your ticket and show up for the game.'"

Related Links: Verizon Delusional On iPhone ImpactVerizon May Counter iPhone With LG PradaQualcomm: Positive Catalysts Ahead

Earnings call transcripts: AT&T Q1 2007Verizon Q1 2007Apple F2Q07QUALCOMM F2Q07

AT&T 24 06 2007 Chart Verizon 24 06 2007 Chart